September 25, 2016 8:54 PM ET

Insurance

Company Overview of QBE Insurance Corp.

Company Overview

QBE Insurance Corp. offers non-life insurance services. The company was founded in 1997 and is based in New York, New York. QBE Insurance Corp. operates as a subsidiary of QBE Holdings, Inc.

88 Pine Street

Wall Street Plaza

4th Floor

New York, NY 10005

United States

Founded in 1997

Phone:

212-422-1212

Fax:

212-422-2424

Key Executives for QBE Insurance Corp.

Senior Vice President
Chief Financial Officer of QBE Insurance Group
Age: 67
Compensation as of Fiscal Year 2016.

QBE Insurance Corp. Key Developments

Homeward Residential, QBE Insurance Corporation and WL Ross & Co. Faces Amended Class Action Lawsuit over Mortgage Escrow Charges for Force-Placed Hazard Insurance

An amended complaint has been filed in a class action lawsuit against Homeward Residential, QBE Insurance Corporation, WL Ross & Co., and certain of their affiliates in connection with an allegedly unlawful scheme to recoup overstated disbursements for force-placed hazard insurance from homeowners. The amended complaint, filed by the law firm of Kirby McInerney LLP on March 8, 2016 in the United States District Court for the Southern District of Florida, alleges that QBE Insurance and its affiliates gave Homeward secret premium rebates or kickbacks on its force-placed hazard insurance, but homeowners were nevertheless charged for reimbursement based on the full premiums materially in excess of Homeward’s true disbursements, which had been reduced by the rebates. The overstated force-placed hazard insurance charges were incorporated into homeowners’ monthly mortgage bills, and charged to homeowners’ mortgage escrow accounts.

Homeward Residential, QBE Insurance Corporation and WL Ross & Co. Face Class Action Lawsuit over Mortgage Escrow Charges for Force-Placed Hazard Insurance

A class action lawsuit has been filed against the mortgage servicing firm Homeward Residential, QBE Insurance Corporation, WL Ross & Co., and certain of their affiliates in connection with an allegedly unlawful scheme to recoup overstated disbursements for force-placed hazard insurance from homeowners.

Kirby McInerney LLP Files Class Action Lawsuit against Homeward Residential Holdings Inc., QBE Insurance Corporation and WL Ross & Co

The law firm of Kirby McInerney LLP announced that it has filed a putative class action lawsuit against the loan servicing firm Homeward Residential Holdings Inc., the insurer QBE Insurance Corporation, the private equity firm WL Ross & Co., and certain of their affiliates in connection with an allegedly unlawful scheme to recoup overstated reimbursements for force-placed insurance from borrowers under their mortgages. Prior to 2012, Homeward was known as American Home Mortgage Servicing, Inc. or AHMSI. Mortgages require borrowers to maintain homeowners insurance to protect the lender’s interest in the property. If a borrower’s homeowners insurance lapses, the lender is entitled to purchase force-placed insurance and be indemnified by the borrower for the expense of the premium. The lawsuit alleges that QBE Insurance and its affiliates gave Homeward secret premium rebates, but that borrowers were nevertheless fraudulently charged based on the full premiums, i.e., materially in excess of Homeward’s true costs. The lawsuit alleges that the defendants concealed the rebates by laundering them through multiple sham and collusive transactions. Those transactions allegedly included: (i) $10 million paid to Homeward as purported compensation under a bogus 'marketing services agreement'; (ii) the issuance of securities worth $85 million to Homeward’s shareholders -- WL Ross and its affiliates; (iii) more than $16 million in phony 'insurance commissions' paid to Homeward; and (iv) at least $25 million in below-cost, outsourced services provided to Homeward through an affiliate of QBE Insurance.

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Recent Private Companies Transactions

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